Going For The Gold: FA Magazine's RIA Survey & Ranking 2016Submitted by Safe Harbor Asset Management Huntington, NY on July 14th, 2016
"Keep your eyes on the prize" or in our industry, "keep your eyes on the bottom line." Rounding out the Top 10 under the Asset Category: < $50 Million. Safe Harbor Asset Management maintains it's position as a contending RIA firm in the industry for 2016.
For some, there have been ongoing contributing factors that have negatively affected the average firm assets. Falling an average 4.2%.
There are key factors that both advisors and clients can learn from:
- Client emotions must be leveraged in a volatile market. This affects their willingness to move assets.
- Ride out some market waves.
- Technology must be adapted for efficient and accessible reporting.
- Clients with conflicting goals plateau.
- Adjusting business models to meet the expectations of regulatory standards
Considering these factors, it is important to note how our firm has made adjustments in moving forward:
- Education is key when addressing client emotions. Whether the market is volatile or sluggish, maintaining constant contact with clients will iron out concerns. Our Weekly Market Update has been helpful in leveraging client emotions. Surveying clients preferred method of contact has also been helpful. Do they prefer email, mail, or phone?
- When things get volatile our natural instinct is to "take flight." Escape before it's too late, but making portfolio decisions based on emotions is high-risk behavior. Know your risk tolerance, maybe you can risk riding the market out. We've implemented a specialized tool that will calculate an investor's risk tolerance. Anyone can access our Riskalyze tool for a FREE Analysis.
- Efficient & accessible reporting systems have streamlined data mining. We offer exceptional service through Black Diamond, a cloud-based portfolio management platform offering aggregation, customizable reporting, and rebalancing, combined with outsourced daily reconciliation.
- Managing expectations means we have to be realistic about the client mindset. To ensure our client's goals don't conflict we encourage them to consider what they want to achieve 5-7 years from now, not just the 10 years plus they hope to see down the line. We conduct thorough Discovery sessions with clients and prospects. We've also implemented a state-of-the-art retirement lab that lets investors create their own personalized plan. Register to create your plan today!
- From day one we've upheld the Fiduciary Standard. As SEC Registered Investment Advisors we serve in the best interest of our clients. The Department of Labor's rise in regulatory standards has only served as validation of our business model. In accordance with the standards established by the CFA Institute; Safe Harbors' portfolio performance has been GIPS verified. The firms three seperate accounts have also qualified for Morningstar ranking. The firm's conservative, moderate, and aggressive accounts have been ranked by Morningstar's risk-adjusted return scores. Each has received their respective "star rating."
We look forward to another year of opportunity and growth. If you would like more information, give us a call, (631) 421-4341. We look forward to addressing any of these needs.